Creative Planning lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 24.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,680 shares of the bank's stock after acquiring an additional 2,529 shares during the quarter. Creative Planning's holdings in Canadian Imperial Bank of Commerce were worth $555,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacifica Partners Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 100.0% in the second quarter. Pacifica Partners Inc. now owns 510 shares of the bank's stock valued at $25,000 after acquiring an additional 255 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Canadian Imperial Bank of Commerce by 162.9% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 510 shares of the bank's stock worth $25,000 after purchasing an additional 316 shares during the period. Tower View Investment Management & Research LLC grew its holdings in Canadian Imperial Bank of Commerce by 100.0% during the 2nd quarter. Tower View Investment Management & Research LLC now owns 600 shares of the bank's stock valued at $29,000 after buying an additional 300 shares in the last quarter. Spire Wealth Management raised its position in shares of Canadian Imperial Bank of Commerce by 100.0% during the second quarter. Spire Wealth Management now owns 650 shares of the bank's stock valued at $32,000 after buying an additional 325 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 100.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 800 shares of the bank's stock worth $39,000 after buying an additional 400 shares in the last quarter. Institutional investors own 44.40% of the company's stock.
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Analysts Set New Price Targets
A number of analysts have issued reports on CM shares. CIBC upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and reduced their price target for the company from C$67.00 to C$61.00 in a report on Tuesday, December 20th. TD Securities lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and dropped their price target for the company from C$74.00 to C$65.00 in a research note on Tuesday, November 15th. Bank of America downgraded Canadian Imperial Bank of Commerce from a "neutral" rating to an "underperform" rating in a research note on Monday, December 12th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Thursday, December 1st. Finally, StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Thursday, December 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $79.30.
Canadian Imperial Bank of Commerce Trading Up 0.8 %
CM opened at $45.97 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The stock's 50 day moving average price is $43.04 and its 200-day moving average price is $45.79. Canadian Imperial Bank of Commerce has a one year low of $39.40 and a one year high of $65.89. The stock has a market cap of $41.66 billion, a price-to-earnings ratio of 8.77, a P/E/G ratio of 2.88 and a beta of 1.01.
Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last announced its quarterly earnings data on Thursday, December 1st. The bank reported $1.08 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.21). Canadian Imperial Bank of Commerce had a net margin of 19.88% and a return on equity of 14.81%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.36 billion. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.07 EPS for the current year.
Canadian Imperial Bank of Commerce Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 27th. Shareholders of record on Wednesday, December 28th were given a $0.627 dividend. The ex-dividend date was Tuesday, December 27th. This represents a $2.51 annualized dividend and a yield of 5.46%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 48.28%.
About Canadian Imperial Bank of Commerce
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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.
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